Effectual Entrepreneurship, Third Edition
Practically Speaking
Two Negatives Make Lemonade
This mining giant learns that innovation thrives on taking risks, seizing opportunities, and turning setbacks into steppingstones – sounds entrepreneurial!
Entity: Chilean Mining Corporation (CMC)
Country: Chile
Pages 264-265 in
Chapter 16 The Lemonade Principle: Leverage Surprise (pp. 257 to 276)
Co-Creators: Javiera Salvo Porras and Gonzalo Jiménez-Seminario
"Deep in the Chilean mountains, nestled 2,600 meters above sea level, lies a Chilean multidivisional Mining Corporation, CMC, the country's mining powerhouse. Its youngest division, Pablo Neruda (PAN), was born in 2010, with a mission to revolutionize the mining industry and create a gold mine of innovation.
Sleeping Giant
At CMC, the top management team (TMT) embarked on an audacious endeavor to change the mining game. Their goal was to extract value through cutting-edge operations, high-performing teams, and smart technologies. They envisioned a future where collaboration and coordination reigned supreme, and their dreams took shape in the form of the Globally Integrated Operation (GIO) project, by means of which all the mining sites and plants would be both centrally and remotely controlled.
The goal was lofty and laudable. But changing the behemoth proved impossible. Each operation remained fiercely independent, with its own control room, preventing the desired integration."
Under Construction: Join Us in Co-Creation!

Video Resources
References & Links
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- Howard Schultz. (n.d.-a). Schultz Family Foundation. Retrieved April 20, 2025, from https://schultzfamilyfoundation.org/team-member/howard-schultz/
- Howard Schultz. (n.d.-b). Forbes. Retrieved April 20, 2025, from https://www.forbes.com/profile/howard-schultz/
- Howard Schultz. (2025). In Wikipedia. https://en.wikipedia.org/w/index.php?title=Howard_Schultz&oldid=1285405168
- Howard Schultz: An Overview of the Entrepreneur’s Career - 2025. (n.d.-c). MasterClass. Retrieved April 20, 2025, from https://www.masterclass.com/articles/howard-schultz-life-and-career
- hpeiper. (2018, September 4). Schultz to young entrepreneurs: ‘It can happen for you’. Starbucks Stories EMEA. https://stories.starbucks.com/emea/stories/2018/bocconni-university/
- Starbucks CEO Howard Schultz: How to Be Strategic Thinkers | Inc. - YouTube. (n.d.). Retrieved April 20, 2025, from https://www.youtube.com/watch?v=Q5Djl9_Xc3w
- Starbucks’ CEO Talks Business—YouTube. (n.d.). Retrieved April 20, 2025, from https://www.youtube.com/watch?v=83yInyY1KLs&t=152s
- Starbucks’s Howard Schultz: From Coffee Entrepreneur to Three-Time CEO. (n.d.). WSJ. Retrieved April 20, 2025, from https://www.wsj.com/story/starbuckss-howard-schultz-from-coffee-entrepreneur-to-three-time-ceo-439768fc
- Taylor, K. (2017, December 13). From Brooklyn to Billionaire: The Story of How Howard Schultz Transformed Starbucks Into an $84 Billion Business. Inc. https://www.inc.com/business-insider/howard-schultz-chairman-former-ceo-starbucks-successful-billionaire-coffee.html
- The Man Behind Starbucks Reveals How He Changed the World—YouTube. (n.d.). Retrieved April 20, 2025, from https://www.youtube.com/watch?v=LnA7n9qSB7E&t=255s
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